[{"_1":2,"_99":-5,"_100":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6179431,"mediaKeyId","5128640-a48ae56ce35b5d6674667d3f3cca9a28","parentId",5128640,"title","Mineral Wells EDC cleared to apply for $1 million USDA relending program to make low-interest small-business loans","audioSeconds",1112,"startMs",1362000,"endMs",2474000,"viewUrl","/Search/View?dp=1&key=5128640-a48ae56ce35b5d6674667d3f3cca9a28&start=1362&end=2474","thumbnailUrl","https://assets.pipeline.soar.com/5128640-a48ae56ce35b5d6674667d3f3cca9a28/thumbnail_1362000.jpg","articleUrl","/articles/6179431/Mineral-Wells/Palo-Pinto-County/Texas/Mineral-Wells-EDC-cleared-to-apply-for-1-million-USDA-relending-program-to-make-low-interest-small-business-loans","mediaUrl","https://secure.pipeline.soar.com/6179431-cd788dde6a2beed7665fa7a02d04483f/orig.mp4?Expires=1776833545&Signature=CcUbEuIBHOk5MNvX8MQl0pVXQHzcXP7Duy2QXRbH6dPo7zgHOtDQxfUqfgQIgxL8xJxcFKCv3N-OfX1GwLMrAIydlxCdHlxPUjLZ8xmPbnhlrBlocW85O3u2KF7goMxXSXoaVnSWlHF4~XcY-gMu~VKhXeQZ2i0Y~-ucSjX2B54baSO66VJHOdAUG~dTMSNjFClQuUQir1fj-fWyOdrKnV~2GhNwWPL~Af7BUVlLaQ0rWgzSjZWxmn3fIlTY83CrhJ4AtSenLvDJsICxR-1bczMvN9vXbfTRkv~l7ZD86F-M3~~Lt7co0etpHZdH0f8P3pStFbLmGJCUYwu7nZuZIQ__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Mineral Wells, Texas","date","2025-07-02T13:09:59Z","article","The Mineral Wells City Council voted 7-0 on July 1 to approve the Mineral Wells Economic Development Corporation's application to participate in the U.S. Department of Agriculture's Intermediary Relending Program, a relending model under which the EDC would borrow funds and then lend to local small businesses.

EDC representatives told the council they would seek a $1,000,000 loan at 1% interest amortized over 30 years; one speaker calculated total interest over the 30-year term as about $157,000. EDC staff and consultant David Miller described the program as a lender-of-last-resort tool that fills financing gaps for businesses that cannot obtain suitable commercial financing, and said the EDC would set individual borrower rates on a case-by-case basis based on risk and need.

Staff described common program features and safeguards: loans are typically collateralized (e.g., a UCC lien on equipment or inventory), and most loans would carry a personal guarantee; the EDC board would review financials and approve loans and the city council would have final approval for loans over $10,000. The EDC presenter noted the program can allow interest-only payments for the first three years and that the USDA requires timely use of awarded funds in the region; staff said there is a requirement to fund at least one loan (up to a figure discussed as $250,000) within six months of funding or return the money, per their description.

Discussion touched on allowable loan sizes and limits: staff said USDA rules limit the share the EDC can fund for a single project (staff noted examples of both $400,000 and $500,000 cited in the discussion as illustrative and said most loans would be smaller). Staff also described prior local experience in another community where a smaller starting pool was grown through relending and repayment activity.

Council members asked about fair-lending and nondiscrimination obligations; staff said USDA requirements include nondiscrimination rules and that applicants would need to document prior denials from commercial lenders before seeking relending funds. The EDC said it already has a project on the council agenda that could use the program and that the EDC board previously approved the application and will review loan requests before council consideration.

A councilmember moved to approve the Mineral Wells EDC's application to the USDA Intermediary Relending Program; the motion was seconded and passed 7-0.","mediaType","Video","parentTitle","City of Mineral Wells, Texas City Council Meeting 07/01/2025","oneSentenceSummary","The City Council approved the Mineral Wells Economic Development Corporation's application to the USDA Intermediary Relending Program, which would let the EDC borrow $1 million at 1% interest over 30 years to relend to small businesses; council approved the application 7-0.","taxTitle","Mineral Wells, Palo Pinto County, Texas","taxId",64442,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6179439,"Mineral Wells council narrows investment policy, ends staff investment committee and approves four broker-dealers",709,745000,1454000,"/Search/View?dp=1&key=5128640-a48ae56ce35b5d6674667d3f3cca9a28&start=745&end=1454","https://assets.pipeline.soar.com/5128640-a48ae56ce35b5d6674667d3f3cca9a28/thumbnail_745000.jpg","/articles/6179439/Mineral-Wells/Palo-Pinto-County/Texas/Mineral-Wells-council-narrows-investment-policy-ends-staff-investment-committee-and-approves-four-broker-dealers","https://secure.pipeline.soar.com/6179439-05f626fbb9d846d4731a6e5b3266b8a1/orig.mp4?Expires=1776833545&Signature=SX50vKZAHcoTxsXy163gvORn3R9ML8JhR377OrFtWxyFZkszuonAWvljmLktAuh4bM6OnV9Zah33OsuTPwBtY26s5Gqbh1-8D98yW7~9VT7YRo209vRjYIXCFs5MVHv6MckFxEnEZWqwlSv0v4Z5HRdvjFj4HPZC7o79Rs57F5bTBc1eeX7RF8fszZ1iyjYhurBXgs58n2GliT60rslfZtHUrKceZ0JZdlg5gcZBBEu9Lyvs-Iq-uV64hV7-68F2jVvD1eG8lEMAHNFBy5twrpMVB3mbKrnjQjwSl-C9E9ywS96pewYuhyMEFwhqymmNWF9Y9OVArtlBj6pqprWc0A__&Key-Pair-Id=KUT5TJCACFTXG","The Mineral Wells City Council voted 7-0 on July 1 to readopt the city's investment policy, remove the previous position-based investment committee from delegated authority, narrow permitted investment instruments and approve a short list of qualified broker-dealers.

City staff told the council the action satisfies requirements under the Texas Public Funds Investment Act (Texas Government Code Chapter 2256) to maintain a written investment policy, conduct an annual review, present quarterly investment reports and maintain an approved broker-dealer list. Staff said the city last completed this review in January 2024 and worked with Valley View Consulting on recommended changes.

Key changes recommended in the policy update include adding mission/vision/goals language, clarifying investment authority, revising formatting for consistency with other policies, eliminating the prior investment committee (previously the city manager, director of finance and city clerk) and assigning investment selection authority to the city manager and finance staff with council oversight for items requiring council action. Staff also said they will continue quarterly reporting and intend to move to monthly reporting as the reporting program is formalized.

Staff reported the city's portfolio sits just under $26,000,000 and recommended narrowing permitted investments to exclude bankers' acceptances, securities lending, commercial paper and guaranteed investment contracts while retaining more traditional instruments allowed under the Public Funds Investment Act. A councilmember asked whether those narrower choices follow best practices; staff replied they do and said the narrower list reduces complexity and potential conflict-of-interest disclosure burdens.

On a related resolution, the council approved, 7-0, four broker-dealers qualified to engage in investment transactions with the city: FHN Financial (a division of First Horizon Bank), Hilltop Securities, Samco Capital Markets and Wells Fargo Securities. Staff said those firms were selected through an RFP conducted with the city's consultant and will be certified under SEC Rule 15c3-1; they would be used when specific investments require broker-dealer services.

A councilmember moved to adopt the investment-policy resolution; that motion carried 7-0. The council subsequently approved the broker-dealer list by separate motion, which also passed 7-0. Staff said the city will file the adopted investment policy with the Texas State Treasury (government treasurer) for certification.","The council readopted the city's investment policy to comply with the Texas Public Funds Investment Act, removed a position-based investment committee, narrowed allowable instruments, and approved four qualified brokers/dealers for investment transactions.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6179444,"Mineral Wells council names trustees, ratifies health-insurance trust expenditures and plans new IRS Section 115 trust",324,378000,702000,"/Search/View?dp=1&key=5128640-a48ae56ce35b5d6674667d3f3cca9a28&start=378&end=702","https://assets.pipeline.soar.com/5128640-a48ae56ce35b5d6674667d3f3cca9a28/thumbnail_378000.jpg","/articles/6179444/Mineral-Wells/Palo-Pinto-County/Texas/Mineral-Wells-council-names-trustees-ratifies-health-insurance-trust-expenditures-and-plans-new-IRS-Section-115-trust","https://secure.pipeline.soar.com/6179444-2741147a25a834848dfac80dac27a38e/orig.mp4?Expires=1776833545&Signature=FD0~hyhzNK4QXJZ0wHEExkKgYP8yGuF9-LKC8bwk8r3~8L5bpZFXci~d6nncifkdiL9Zvpc4mTS~Mo336IdWeFjeidNg5Gx-etP2LnYt9OJHxI7p9EW1JuWn7kgna9LSSxLgZKMmVvk~QtiqataVTqMKQmTIUwmjUmqZH4CcFvoeYXvkx8cl~AcunuH5JuGUGzvhV6yHbget3JNU43XpKbqbaeWwLsKA68mO2JrJnyLTtWwa2PbkhUyz39GR1Ba1isBOTM2wKGtlvSoXeCWr1dopyh4ubU9FNMaHtVKtb6Dnz4xt6vcCZ0b59nrTvrIF8NqrIvHT3AI5vD3cJ77RMA__&Key-Pair-Id=KUT5TJCACFTXG","The Mineral Wells City Council voted 7-0 on July 1 to name trustees for the City of Mineral Wells Employee Health Insurance Trust, ratify prior expenditures from the trust and direct staff to establish a new Section 115 trust under the Internal Revenue Code.

City staff told the council the original trust was created in February 2005 and amended in February 2009, and that the prior sole trustee resigned after retiring. The city has continued to operate the trust while a trustee position was vacant; staff said expenditures from the trust are paid to carriers such as Blue Cross Blue Shield and Aflac and that the trust structure has yielded carrier discounts.

According to staff, the trust balance at the close of the last fiscal year was about $849,000; council-approved actions include moving that balance back into the city's general fund before the close of the current fiscal year. Staff said the new trust will be structured as an Internal Revenue Code Section 115 trust, which the city expects will accomplish the trust's existing purposes while removing certain other-post-employment benefits liabilities from the operating fund balance sheet.

Council discussion included clarification that the previous trustee resigned because of retirement, and a staff explanation of how departmental staffing levels historically led to overfunding of premiums (for example, a department budgeted for five employees but staffed with three could have contributed premiums for the full five, producing accumulated surplus in the trust).

A councilmember moved to approve the recommendations regarding the Employee Health Insurance Trust as presented; the motion was seconded and carried 7-0.

Staff indicated they will proceed over the coming year to create the new 115 trust and implement the movement of funds as described. No additional action or ordinance was adopted beyond the resolution approving the trustee-designation and ratifying expenditures.","The City Council approved a resolution naming trustees for the city's employee health insurance trust, ratified prior trust expenditures and directed staff to create a new Section 115 trust to separate certain post-employment liabilities and return about $849,000 to the general fund.","actionData","errors"]

Article not found

Mineral Wells EDC cleared to apply for $1 million USDA relending program to make low-interest small-business loans

Mineral Wells council narrows investment policy, ends staff investment committee and approves four broker-dealers

Mineral Wells council names trustees, ratifies health-insurance trust expenditures and plans new IRS Section 115 trust